fast facts: women and retirement savings

7/30/2019 Fast Facts: Women and Retirement Savings

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Fast Facts: WOMEN & THE RETIREMENT SAVINGS DISPARITY

FACT: Women have 38% less money saved for retirement than men, on average, ($108,000 vs.$149,000), according to an ING U.S. report released earlier this year.

FACT: The challenges keeping many women from accruing adequate retirement savings include:

Women have lower lifetime earnings. Womenearn 77 centsfor every dollar earned by men,according to the Womens Institute for a Secure Retirement. A 25-year-old woman with acollege degree will make about$523,000 less in wagesover her lifetime compared to a man witha college degree.

Women take more time out of the workforce to care for family members.Women are in theworkforce for 12 years less than men, on average,primarily because they spent more time out ofthe workforce caring for family members, according to the Government Accountability Office.

Women live longer and outlive their spouses. According to the Government AccountabilityOffice,70% of women age 85 and over are widowedcompared to only 24% of men age 85 andover.

Women set less money aside for retirement. Men tend to contribute higher percentages of payto employer retirement savings plans, according to ING U.S.

Women have planned for retirement less. While nearly half of all men (49%) have calculatedhow much they need for retirement,only 36% of women have calculated their retirement needs,according to ING U.S.

FACT: In the face of these challenges, financial services companies are offering innovative productsand services to help women plan for a secure retirement. Roundtable member company efforts include:

Citi providesWomen & Co., a free service to get women thinking and talking about personalfinance by providing a wide variety ofengaging content, commentary and resources to helpwomen plan for retirement. According to a recent survey of professional women conducted byCiti with LinkedIn, saving for retirement was the #1 financial concern for women over 35.

Comerica helps women plan successfully for retirement using comprehensive and detailedwealth/financial plans. These plans include a cash flow analysis, which helps clients effectivelyallocate the funds needed for retirement.
http://ing.us/about-ing/newsroom/press-releases/ing-study-reveals-challenging-retirement-realities-womenhttp://ing.us/about-ing/newsroom/press-releases/ing-study-reveals-challenging-retirement-realities-womenhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttps://www.citibank.com/womenandco/https://www.citibank.com/womenandco/https://www.citibank.com/womenandco/https://www.citibank.com/womenandco/topic/investments/planning-for-retirement.jsphttps://www.citibank.com/womenandco/topic/investments/planning-for-retirement.jsphttps://www.citibank.com/womenandco/http://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://ing.us/sites/ing.us.rri/files/what_about_women_white_paper.pdfhttp://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.gao.gov/products/GAO-12-699http://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://www.paycheckforlife.org/uploads/ASR-white_paper_FINAL.pdfhttp://ing.us/about-ing/newsroom/press-releases/ing-study-reveals-challenging-retirement-realities-women


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ING U.S.ssupport staff and advisors are trained to assist with womens unique retirement

planning needs. ING Financial Partners, a network of 2,500 financial professionals including450 female advisors, offers seminars designed to help educate and encourage women to be more

proactive in their planning and saving.

In 2013, KeyBank will launch quarterly local seminars focused on women's needs includingretirement planning, education planning, business succession planning and other topics.

The Principal Financial Group offers resources through its website to help educate womenabout specific retirement savings strategies for their unique needs.

Raymond James Financial has tools and resources to make retirement planning more engaging,collaborative, and easy-to-understand. This is critical to ensuring women understand thedecisions, trade-offs and opportunities they have in retirement.

Regions works with women one-on-one through wealth advisors and outreach through women'snetworking organizations and seminars across their footprint.

State Farm supports the research activities of the State Farm Center for Women and FinancialServices at The American College and is also building awareness through education with itsMake it Possible financial workshops.

The TransamericaCenter for Retirement Studies (The Center) focuses much of its annualresearch on women. The Center offers actionable insights and recommendations to help womenof all ages to start talking about retirement planning and improve their retirement outlooks.

Wells Fargo Retirement offersBeyond Today,a website with tools and checklists for women atdifferent ages and stages. From the site, there is also ablogwith stories from celebrity bloggersand women at Wells Fargo with perspectives on budgeting/organization, reinvention andplanning. Wells is also hosting a series of conversations withMore Magazineand experts onretirement planning in a live webcast.

Western & Southern Financial Group offers a variety of products to assist women in savingfor retirement, including life insurance, mutual funds, and deferred annuities.

The number one way women and men can increase their retirement security is by SAVING

EARLY. The Roundtable published a white paper earlier this year, Saving Early: The Road

to a Secure Retirement,showing how individuals can put the power of compound interest to

work in their favor if they start saving early.

The Roundtable delivers Fast Facts each week to select opinion leaders in the financial services industry,Congress, and media. View all previous Fast Facts at www.RoundtableResearch.org
https://www.wellsfargo.com/beyondtodayhttps://www.wellsfargo.com/beyondtodayhttps://www.wellsfargo.com/beyondtodayhttp://blog.wellsfargo.com/retirementhttp://blog.wellsfargo.com/retirementhttp://blog.wellsfargo.com/retirementhttp://www.moremusthaves.com/conversations/http://www.moremusthaves.com/conversations/http://www.moremusthaves.com/conversations/http://www.moremusthaves.com/conversations/http://www.moremusthaves.com/conversations/http://www.fsround.org/fsr/pdfs/publications/Retirement-Security-Report-Saving-Early-April-2012.pdfhttp://www.fsround.org/fsr/pdfs/publications/Retirement-Security-Report-Saving-Early-April-2012.pdfhttp://www.fsround.org/fsr/pdfs/publications/Retirement-Security-Report-Saving-Early-April-2012.pdfhttp://www.roundtableresearch.org/http://www.roundtableresearch.org/http://www.fsround.org/fsr/pdfs/publications/Retirement-Security-Report-Saving-Early-April-2012.pdfhttp://www.fsround.org/fsr/pdfs/publications/Retirement-Security-Report-Saving-Early-April-2012.pdfhttp://www.moremusthaves.com/conversations/http://blog.wellsfargo.com/retirementhttps://www.wellsfargo.com/beyondtoday


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Financial Services HOTLINE: If you have questions, call Abby McCloskey,Director of Research, at202-589-2531 or Scott Talbott, Senior Vice President of Public Policy, at 202-289-4322.

Learn more about the financial services industry atwww.OurFinancialFuture.com.
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